Cleveland, OH

Downtown townhomes sell to out-of-state investor

NEOtrans

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For nearly $6 million, the 16-unit, for-rent Milton Townhomes in downtown Cleveland sold to an enigmatic investor from Dallas.KJP

Transaction shows downtown’s residential strength

Yesterday, a 16-unit townhouse complex on the east side of downtown Cleveland and built five years ago was sold to an out-of-state investor. The buyer, Milton Townhomes LLC, acquired the for-rent townhomes and their 0.4-acres of property for just under $6 million from Jobu Needs A Refill LLC — referring to a line from the 1989 sports comedy movie Major League about the Cleveland Indians.

The sellers are actually a partnership of Matt Jenkins, Doug Leohr and Brent Zimmerman. Jenkins, formerly the chief financial officer at Zelman Capital in Beachwood is a partner with Zimmerman in (re)spring LLC to provide real estate financing for the cannabis industry. Zimmerman is best known as the co-founder of the expanding Saucy Brew Works chain. Leohr is owner of Pride One Construction, a large Cleveland-based general contractor.

The buyer is enigmatic. Zimmerman, the lead partner on the original townhouse development, knew little about the buyer except that it is a doctor from Dallas who is buying properties around the country for between $5 million and $10 million. He said the firm Milton Townhomes LLC is based in Tulsa, Okla. The townhomes are located along East 15th Street, between Superior and Rockwell avenues.

“My partner’s life changed and I didn’t want to buy him out, so the easiest path was to sell the townhomes,” Zimmerman said. “Everyone is fine. Life just changes. There’s a lot of money out there and this buyer was looking to buy assets in this price range. It just worked out.”

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